Analysis: Ethereum funding rates soar to 13.7%, reaching a new high since February, with leveraged trading becoming the dominant force Matrixport stated that the Ethereum funding rate has risen to 13.7%, reaching a new high since February this year, which is usually interpreted by the market as a positive signal and may attract more funds to flow into Ethereum ETFs. However, what is more noteworthy is that the volume of open futures contracts is approaching the historical high of December 2024, indicating that the main driving force behind this round of price increases comes from leveraged futures traders rather than spot buyers. Compared to Bitcoin, which is dominated by spot demand, Ethereum's trend has shown differentiation. Recently, there has been a surge in call option buying, coupled with the gamma hedging effect, leading to a significant risk of short selling for Ethereum. The market has become increasingly fragile and sensitive to changes in momentum. Analysts believe that the dominant position of leveraged trading may lead to increased market volatility.